The announcement came a day after the government unveiled an elaborate ‘Economic Revival Plan’ with a view to capitalise on Pakistan’s untapped potentials in key sectors, fast-track the development projects and facilitate investment….reports Asian Lite News
The Pakistan government has constituted a Special Investment Facilitation Council (SIFC) to provide an impetus to its efforts for economic revival — to be chaired by Prime Minister Shehbaz Sharif and comprising the Army chief and federal ministers.
A notification in this regard has been issued by the Prime Minister’s Office.
“Pursuant to the meeting held on Friday with regard to attracting investment from GCC countries in the fields of defence, agriculture, minerals, IT and energy, the Prime Minister is pleased to constitute a Special Investment Facilitation Council,” the notification read.
The announcement came a day after the government unveiled an elaborate ‘Economic Revival Plan’ with a view to capitalise on Pakistan’s untapped potentials in key sectors, fast-track the development projects and facilitate investment.
The plan was unveiled during a high-level meeting chaired by Sharif in Islamabad, which was attended by Chief of Army Staff, General Asim Munir, Chief Ministers, federal and provincial ministers, and other high-ranking government officials.
At the meeting, General Munir had assured all-out support to complement the government’s plan for the revival of the economy.
Investments from Gulf
Pakistan’s civil-military leadership has presented an “Economic Revival Plan”, stated to be bigger than the China-Pakistan Economic Corridor (CPEC), the media reported.
The plan is focused on harnessing the country’s untapped potential in key sectors through local development and foreign investments mainly from “Gulf countries” and expediting project implementation, The Express Tribune reported.
“This economic recovery project (SIFC) will prove to be a bigger economic project than CPEC,” a key cabinet minister told The Express Tribune.
“The project is a “game-changer” for the development of Pakistan,” the Minister added.
He stated that “investment will come from the Gulf countries” and the “army will play a key role” in the coordination of the projects.
“If this project is completed, by 2035, Pakistan could become a trillion-dollar economy,” The Express Tribune reported citing a source as saying.
The new plan is announced just days before the 10th anniversary of the signing of CPEC deal, which was also dubbed as a “game changer” project.
The project was signed on July 5, 2013 during the then Pakistan Muslim League-Nawaz (PML-N) government.
However, so far, less than $25 billion of Chinese investment has been made out of the planned amount of $62 billion due to Islamabad’s failure to honour its various commitments.
Now, the source said, under the SIFC, direct jobs opportunities would be provided to 15 to 20 million people and indirect job opportunities to another 75 to 100 million people in the next four to five years.
Along with this, the SIFC project will generate exports of $70 billion and “import substitution” of equal amount in the next four to five years, The Express Tribune reported.
“The (SIFC) plan will also increase Pakistan’s foreign direct investment by $100 billion.”
In his speech, Gen Asim Munir assured the army’s all-out support to complement the government’s efforts for the revival plan, considered to be fundamental to socio-economic prosperity of the Pakistanis and reclaiming Pakistan’s rightful stature in the comity of the nations.
Meanwhile, Sharif recalled that his government inherited an economy which was on the brink of collapse. With bold and difficult decisions, it is now being steered towards growth and development, he said.
“There are, however, massive challenges ahead. Export-oriented FDIs hold the key to economic revival. The government has, therefore, decided to adopt a holistic/whole-of-government approach which fosters partnerships within the federal and provincial governments for effective implementation and execution,” the premier was quoted as saying at the meeting.
The investors would be given primacy and fast-track approvals through a well-coordinated approach, he added.
The premier also observed that the expected investments would create jobs and livelihoods for the youth and women.
“The focus should be on empowering the youth and women to realise their full potentials,” Sharif said, Geo News reported.